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Author Question: Hotspur Incorporated, a manufacturer of microwaves, is a price taker in both the input and output ... (Read 54 times)

jake

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Hotspur Incorporated, a manufacturer of microwaves, is a price taker in both the input and output markets. To maximize its profit, Hotspur will hire labor up to the point where
 
  A) the marginal revenue product of labor equals the wage rate.
  B) the marginal revenue product of labor equals the output price.
  C) the marginal product of labor is no longer positive.
  D) all economies of scale have been exhausted.

Question 2

Long-run cost curves are U-shaped because
 
  A) of economies and diseconomies of scale. B) of the law of diminishing returns.
  C) of the law of supply. D) of the law of demand.


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pikon

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